Thursday, 22 March 2012

ORSA Presentation to Society of Actuaries in Ireland by Towers Watson

Nice and swift - TW's finest laid on a presentation to the Society of Actuaries over on the Emerald Isle on engaging the business in Solvency II through the ORSA.

Not really anything to dispute in this, bearing in mind we have had all the guidance that the EU institutions are prepared to give on the matter, but some interesting reference points on
  • ORSA-type activity in other jurisdictions,
  • Operationalising (my made-up word, not theirs!) risk appetite,
  • Creating a positive risk culture,
  • Modelling considerations, plus a nice slide on the difference in scope between "current actuarial models" that just spew out TPs and internal models 
  • An ORSA 'health check'
Obviously cheaper to administer these views/tools yourselves than call the lads in, but if your wallet can stand it, they clearly know their onions!

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